Walgreens buys 8 stores nationwide
Move adds 114,865 square feet to holdings
November 21, 2008
By Inman News
Inman News
Retailer Walgreens Co. has purchased eight properties it currently occupies for a price of nearly $34.8 million.
The portfolio includes a 15,150-square-foot store in Hempstead, N.Y.; a 15,525-square-foot store in Sanford, Fla.; a 13,500-square-foot store in Colorado Springs, Colo.; a 13,905-square-foot store in Minneapolis; a 15,525-square-foot store in Ocala, Fla.; a 13,905-square-foot store in Denver; a 13,905-square-foot store in Lynn Haven, Fla.; and a 13,450-square-foot store in Niagara Falls, N.Y.
Walgreen Co. exercised its right of first refusal to purchase the portfolio, which was sold by North Miami Beach, Fla.-based Lifter Realty.
"The portfolio was marketed as a package due to a single loan encumbering a large portion of the portfolio," Marc E. Strauss, a senior director in brokerage Marcus & Millichap's Fort Lauderdale office, said in a press statement. "With six to 13 years remaining on the double-net leases, the properties were less attractive than many of the new 25-year, triple-net-leased Walgreens stores currently on the market. Nonetheless, we were able to secure an offer for seven of the stores at 99.8 percent of the portfolio listing price."
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